This glossary of terms has been composed by FIRST STRATA to provide you with an easily accessible and comprehensive description of the many terms frequently used in all aspects of land sales.
We trust you will find it both useful and informative.
A trustee having responsibility to manage trust property.
Literally “we command”. Originally a writ but subsequently a prerogative order of the Queen’s Bench Divisional Court commanding a person, body or inferior court to perform some public duty. Under the Supreme Court Act 1981 and Rules of the Supreme Court, Order 53, it is one of the means whereby an aggrieved party can obtain a legal remedy by the process of judicial review. Cf CERTIORARI; PROHIBITION.
A person who is unable or unlikely to fulfil a financial obligation owing to lack of resources.
Named after a French architect, Francois Mansard, a roof which, on one or more sides, has two slopes of different degree, with a steep lower slope and a flatter upper slope. It was designed to give more attic space when municipal law in 17 th-century Paris limited the height of front walls of buildings.
A drawing representing the features of an area of land but not wholly to scale, eg an Ordnance Survey sheet to a scale smaller than 1:2500. Cf PLAN.
An archaic term used (often in the plural) to describe the border lands between England and Wales and between England and Scotland. In this sense used as a verb, it means “to border upon” and is more commonly used in this sense in Scotland than in England.
An opportunity cost of money rate based on an organisation’s marginal cost of raising money for a project, eg the cost of a new equity issue, a debenture or other security.
See HARDCORE METHOD.
In the hardcore method of valuation, the rate at which the top layer of income is discounted.
The farming of sea fish, using intensive methods.
1. A situation in which buyers and sellers of a particular commodity or service are in sufficient numbers to create the opportunity of comparing prices and quality, thereby enabling the forces of supply and demand to operate. See IN THE MARKET.
2. A large open or covered area in which a variety of traders offer goods for sale, usually displayed at stalls, to members of the public, either during normal shopping hours for the locality or, more unusually, on certain specified days only.
See GOOD MARKETABLE TITLE.
Those forces which affect the speed and price at which property changes hands, ie supply and demand.
These in turn are influenced by:
a. such matters as the location, type, quality, size and character of the property in relation to current requirements;
b. the cost of money, having regard to the price; and
c. the relative attraction of other forms of investment.
The sum realised on the disposal of a property in a given market. Commonly, but incorrectnly, used interchangeably with “market value”. Cf ASKING PRICE; RESERVE; SELLING PRICE.
The same as open market value. Cf MARKET PRICE.
See DIRECT COMPARISON METHOD.
See All RISKS YIELD.
Latent value which is or would be released by the merger of two or more interests in land. For example, two adjoining parcels may be worth more as one property than the aggregate of their separate values. Similarly, two interests in the same property may have a greater value when merged than the sum of their individual values.
November 11, the feast of St Martin the Biship of Tours. One of the term days in Scotland. See QUARTER DAYS.
A change in the use of a property which is so significant as to be regarded as development under section 22 of the Town and Country Planning Act 1971 and thus require planning permission, eg (i) where the uses fall within different use classes; (ii) where one or more of the uses is or are sui generis; (iii) where there is an intensification of a sui generis use.
